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Many people may not know what the difference between a tax invoice and an eftpos docket is - some may even think there is no difference. The question is, how useful are these documents to your bookkeeper?
From a tax compliance perspective, there is a huge difference between the two and it is critical that companies know it.
Shown below on the left is a tax invoice. You will notice that here on this invoice it states:
- The company’s name
- The ABN (Australian Business Number)
- A description of what was purchased, so your bookkeeper can allocate it properly.
- The quantity of the product as well as price of products
- Date it was issued
- Total price including GST if applicable
- Amount of GST or note GST included in price
- Be clearly labelled Tax Invoice
Shown above on the right is an eftpos docket. This is just proof of payment:
- Sometimes company’s name on eftpos docket is different from trading name eg. Smith’s Family Trust on docket for payment to Matilda Clayfield Petrol Station
- It shows the amount that has been withdrawn off your debit or credit card, but what if you withdrew cash as well
- Does not show how much GST was included
- Does not show the company’s ABN
- Does not include description of what was purchased
|
Tax Invoice (requirements by law) |
EFTPOS Docket (not acceptable to claim expenses) |
|
| ABN | Yes | No |
| Description of what was purchased | Yes | No |
| Total Price | Yes | Yes |
| Company’s Name | Yes | Sometimes |
| Quantity and price of products | Yes | No |
| Date Issued | Yes | Yes |
| Amount of GST | Yes | No |
At aVers Cloud Solutions we engage in best practise bookkeeping and for us to attain this standard, we must have the tax invoice to record correct GST amount as well as allow for allocation of cost to correct account code eg. fuel, stationery. If you would like, you can supply the eftpos docket as well - this lets uw know how the expense was paid, but the tax invoice is a must.
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